Newbie with CC ???'s

[Sassy_Taurus]

I'm trying to rebuild my credit. I've recently applied and was approved for 2 cc:

Orchard Bank (unsecured) $300

Capital One (secured) $200

Should I apply for one more? If so who do you thing I'd have a better chance with getting approved with?

Thanks in advance for your help.

[FrugalRican]

With your score in the 500's, the only other one I'd probably get is one more secured card, if at all... I think you'd be better served by just working with those two for at least 6 months to a year and letting those relationships grow.

In about 6 months, pull at least your Equifax FICO score to gauge where you are at.

[mmduluth]

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@FrugalRican wrote:

With your score in the 500's, the only other one I'd probably get is one more secured card, if at all... I think you'd be better served by just working with those two for at least 6 months to a year and letting those relationships grow.

In about 6 months, pull at least your Equifax FICO score to gauge where you are at.

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+1

[LS2982]

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@Sassy_Taurus wrote:

I'm trying to rebuild my credit. I've recently applied and was approved for 2 cc:

Orchard Bank (unsecured) $300

Capital One (secured) $200

Should I apply for one more? If so who do you thing I'd have a better chance with getting approved with?

Thanks in advance for your help.

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No, garden those accounts for a year and make deposits on the Cap1 to raise your CL.

[Sassy_Taurus]

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@FrugalRican wrote:

With your score in the 500's, the only other one I'd probably get is one more secured card, if at all... I think you'd be better served by just working with those two for at least 6 months to a year and letting those relationships grow.

In about 6 months, pull at least your Equifax FICO score to gauge where you are at.

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Thanks for the reply. I was thinking that I should wait and just garden those 2 cc. I think I have the app itch

[LS2982]

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@Sassy_Taurus wrote:

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@FrugalRican wrote:

With your score in the 500's, the only other one I'd probably get is one more secured card, if at all... I think you'd be better served by just working with those two for at least 6 months to a year and letting those relationships grow.

In about 6 months, pull at least your Equifax FICO score to gauge where you are at.

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Thanks for the reply. I was thinking that I should wait and just garden those 2 cc. I think I have the app itch

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+1

Don't burn INQ's that will net you better cards in the future.

[Sassy_Taurus]

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@LS2982 wrote:

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@Sassy_Taurus wrote:

I'm trying to rebuild my credit. I've recently applied and was approved for 2 cc:

Orchard Bank (unsecured) $300

Capital One (secured) $200

Should I apply for one more? If so who do you thing I'd have a better chance with getting approved with?

Thanks in advance for your help.

---

No, garden those accounts for a year and make deposits on the Cap1 to raise your CL.

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Thanks for the advice.

[Cesarlopez]

I agree! Add as much money as you can to your Cap One depsit account. It will take about 10 days to show that your credit line has increased. And keep your utilization down as low as possible. In about six months to a year try for an unsecured Cap One account and most likley they will enroll you in Credit steps. Good Luck!

[FrugalRican]

Don't app. You'll be wasting INQ's that you could use within 6 months to a year.

And make sure they you start practicing the utilization rule. (1% - 9% reported balance on 1 card, 0 balance on the other)

Figure out what your statement dates are.

You have a good 6 months, minimum, to practice this. Your patience WILL be rewarded.

[haulingthescoreup]

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@FrugalRican wrote:

Don't app. You'll be wasting INQ's that you could use within 6 months to a year.

And make sure they you start practicing the utilization rule. (1% - 9% reported balance on 1 card, 0 balance on the other)

Figure out what your statement dates are.

You have a good 6 months, minimum, to practice this. Your patience WILL be rewarded.

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Plus six months to research what's out there and work on your wish list.